Celsius introduces wrapped Bitcoin on Polygon

Celsius, a world-leading cryptocurrency lending and borrowing platform, will soon offer Bitcoin (BTC/USD) as a wrapped asset through its DeFi arm CelsiusX, Invezz learned from a press release.

Tokens are wrapped so they can be used across blockchains, which increases their liquidity and interoperability. The wrapped asset will be launched on the Polygon (MATIC/USD) network.

Using cutting-edge Chainlink PoR

The wrapped Bitcoin, cxBTC, uses cutting-edge Chainlink (LINK/USD) Proof of Reserve architecture for accountability and transparency. All of the wrapped assets CelsiusX supports feature conversion to and from their native counterparts for free and in real time.

This is not the first such launch for Celsius. In February, the platform introduced wrapped assets for Ethereum (cxETH), Cardano (cxADA), and Dogecoin (cxDOGE), also on Polygon.

Celsius CEO Alex Mashinsky commented:

Carl Hua, Chief Architect for CelsiusX, added: